New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-07-11
imnortnnc. bal t. unxs nnd 10 homo conaumera tha

Importance to the railways and to homo consumers the
outlook is for an extraordinary pr9d . o,. sn,,.
jcc IN fears that something was about 10 happen thas
rbS the
| to was done inside the Stock Exchange me grand
only 1soaSus and then f n 10 On s
ans In brokers' offices. there we're whispcrngs
be ntinateIy Connected with the great baltimore aud
Ohio deal and oil It's collateral associations was freely
"whspers OF calls for loans aud OF drafts IN
padtwo things which could not possibly happen Win
tSsntyfoar honrsowere CONTINUOUSLY and seduIoasy
given TO the listener ia strict confidence ti ney De
assaulted make objection and ind their profit in the
stories do not know that concerns any one else OK.
cept indirectly The fact of the circulation OF these
storle, was an important factor IN last . weeks
circulation to the extent that sisass
II Is vain to tax OF liquidation In market when re-
We can count our fingers the daily traders who did
fully one aaf the amount OF the weeks total trsnsac-
r''' bs OF
Disturbed have Noted d,,v mat 600 sas
greater than they were one year ago Does any ono
question that with the greater activity in merchandise
s2o,ooOooO they year agol There
be no doubt that the bank loans on stock Encnanse
last year and 49, 80 THAT While eoaI the 70 'a 5s
demand the aggregate CARRIED on marquis is much
smaller than usual OF course IL Is not necessary to say
strict condolences, happened and the Street breaissd
freer yesterday than on any other day In the week
from i5Os to i2ssli3i4 the declines generally
evenly distributed throughout tho list Chicago and
wf that az the nesting held on
June 2 1t voted TO charge of 81 600 OF ts sur
plus income aud reduce the cost OF its construction
BY the same amount The stock declined from 1893
11Gss aud affected the tone OF the Whole mat nG.
marked down moro by short" sales than by the mar
81 ". spo soasr OF
western common stock probably expresses the sentiment
proceeding, In the following communication:
10 the Editor Of The Tribune.
you justly your comments on the action
OF the Northwestern Company in charg OF OF
It's surplus simply matter OF bookkeeping The actual
surplus because of it. The compADys
report OF its road aud equipment
81 1886 sl269oi0 24 and that the balance OF
ts account l.l4.325. Now. marking tho ono
O2 and the other at 81 1889 does not change
actual cost Of tho property nor the actual accrued
and vlded profits OF tho company. Neither does tho
practice of this extraordinary bookkeeping In any way
AFFECT tue power OF the company 70 make Tue u''on "
Therefore such extraordinary procaeiing.. which
said to have been sanctioned by VOC OF the st1ox
holders at tue June meeting. but never we're puDsneu
as part OF the proceedings OF tha neetnE, sugges.
query Of their object u Is sesyieht MAJ u WAS CUT
anddried proceeding known only 10 select few, anu
that the sense Of the stockholders who in confidence
directors TO the officers OF the road never
proxies were not given TO vote upon tnst quesuon'
because the subject bsd never been publicly discussed
q
have been foreseen that blcatfon that the com
pany had washed all ts surplus would az nrst oe
accepted final determination that there rouiu Do no
division OF the accrued profits. and that therefore ue
would follow thus giving to those who knew that the
action taken In no manner Affects tue question OF
division profits opportunity pick upcheap stock
This Is lust tho effect that the publication, thirty days
after TINS meeting. has hal Every secret ACT ha' an
object. as every effect has a cause
Ne,c York; July 8, 1887.
This action" which was kept profound secret for
moro than thirty days 10 draw 10 mildly. was nnprece-
euted in the history OF raroadng The clear Inference
TO The proceeding IL thzt the reports OF
former business out OF wnlcD ibis SUN OF accfuou
profits had grown. not correct. snd that the bal
Of income did not represent undivided Prohs we
ain that the management Will not consen 10 TINS
theory: II not there exists no cause Tor deiriVng
the khoers or their Just dues. az VI generally sup
posed has been done Adding the surplus on DIVIDENDS
declared for the euded May 81 TO the income account
OF 81 1856, and the surplus from when
nOminaliy Ia taken away. was Sl3.oO,ooo, iea.ps
now Ia the credit OF that account s3,7Oo'oOO u
correct 10 saving that action In way prevents
division profits az time which suits the con-
yenenc- OF the management The company boids
SlOOUOOOO of its capital stock in the treasury auh IL
may divide that without further authority OF the soK
holders. but what Is OF greater Importance IMAM any
matter OF keeping is the coOpany's business ~ tue
last year earned nearly - per cent on both classes
Stock while It pad only per cent on its preIerreu
ant cent IT. common STOCK, ana carries over
cash balance OF about S2.5OOOOO.
At the very close OF The week the market assumed
better tone clearing away OF doubts aud some
Developments which proDabs arc soon 70 come Soout'
are necessary 10 bring confidence and activity.
suboned usual table giving the highest lowest
together the nna prices OF wees ago, OF nitY
SIX active or representative stocks, preA1ed Dy the
prices OF July 10. 1856:
WEEKLY RANGE